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Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.

The government didn't so much "take part in it," they wrote regulations to force the banks to loan money to people who could not reasonably be expected to pay it back. It does appear that some bankers went one better on that regulation...

Why Sandlers sold their S&L
Wachovia's deal for Golden West called a good fit

The iconoclastic septuagenarian couple behind Oakland's Golden West Financial Corp. on Monday said their widely admired business savvy prompted their decision to sell their savings and loan to Wachovia Corp., the nation's fourth-largest bank.

Herb and Marion Sandler, who have run Golden West as co-chief executive officers and co-chairs since 1963, agreed Sunday to a takeover offer from the Charlotte, N.C., bank, citing Wachovia's broader product line and what they said was a good fit between the two companies. Based on Monday's market close, the purchase price -- 77 percent of it to be paid in Wachovia stock -- is $24.2 billion.

Ironically, although the Sandlers are praised for a determined focus on making home loans --

This was a horrific deal for Wachovia as the home loans started going south almost instantly.

Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW -- one of the largest thrifts in the nation. The company's business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low "teaser" rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.

>>>

The Sandlers have started to invest their billions of dollars politically, in the manner of George Soros, sugar daddy of many far-left wing groups and an early and prominent supporter of Presidential candidate Barack Obama. Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups.

>>>

The top four donors to these 527 groups in the last Presidential election cycle (2004) were Soros, Peter Lewis of Progressive Insurance, Steven Bing, and Herbert and Marion Sandler . Collectively they gave 78 million dollars to left-leaning 527 groups. That was just in 2004. They have become much more ambitious over the last few years.

Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article "Follow the money" is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).

The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda.

The article has links to extra info...

But remember now, the Dims will save our economy! And the repiglicans are the party of big money!

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In actual dollars, President Obama’s $4.4 trillion in deficit spending in just three years is 37 percent higher than the previous record of $3.2 trillion (held by President George W. Bush) in deficit spending for an entire presidency. It’s no small feat to demolish an 8-year record in just 3 years.

Under Obama’s own projections, interest payments on the debt are on course to triple from 2010 (his first budgetary year) to 2018, climbing from $196 billion to $685 billion annually.